In April 2016 the Croucher Foundation approved a new funding initiative to back the ideas of any Croucher award recipient wishing to use their scientific and technological expertise to establish a business with a linkage with Hong Kong.

The Foundation already offers a start-up allowance to returning Croucher scholars accepting tenure-track positions in universities in Hong Kong. In launching the Startup 2.0 funding initiative, the Foundation believes that a similar early-stage contribution could be of significant help to Croucher scholars who, rather than joining the faculty of a university, wish to start a company.

The Foundation is launching the Startup 2.0 funding initiative on a pilot basis for an initial period of three years, and has set aside a budget of up to HK$1 million for each grant.

Eligibility extends to include any Croucher award recipient at any career stage:

Croucher Startup 2.0 supports founders at the earliest stage. Funding is limited. If your company is already receiving seed funding or early stage venture capital from another source we do not encourage you to apply. We expect you to be working at your company in a full-time executive role.

If your Croucher Startup 2.0 application is successful, your company will receive a grant of up to HK$1 million from the Croucher Foundation. This is an equity-free grant: you are not obliged to repay the grant or to give an equity stake in your company to the Foundation.

Grant recipients must submit an annual progress report to the Foundation including a financial statement.

Four selection rounds will be held each year. All information provided in the application will be handled by the Foundation in strict confidence, and in accordance with the Foundation’s privacy policy.